Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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Over 9,000 hotline calls made by stalking victims in 2023
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Monthly users on local streaming platforms outpace Netflix, Disney+
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Seoul to promote luxurious side of the city
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Naver vows to relinquish news editing, search words after opinion-rigging scandal
Naver, the operator of South Korea’s largest portal website and search engine, announced on Wednesday a set of measures to prevent a repeat of the latest opinion-rigging scandal, including relinquishing its authority to edit news headlines and removal of a news list on the mobile front page. Naver CEO Han Seong-sook said, “Naver will no longer engage in editing news from the third quarter,” at a press conference held in southern Seoul. Such a decision has been made in the wake
May 9, 2018
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[Monitor] 6.8 years needed to own home in Korea
It takes an average of 6.8 years of savings to own one’s first home in South Korea, as of last year, slightly longer than 6.7 years tallied in 2016, according to analyses on housing in the country conducted by the Ministry of Land, Infrastructure and Transport.The average number of years residing in one place came to eight years, also up from 7.7 years in 2016. While homeowners lived in their homes for an average of 11.1 years, those renting the place stayed for an average of 3.4 years.The
May 9, 2018
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Economic growth on track, but daunting tasks still remain
SEJONG -- The South Korean economy is on a firm growth trajectory under the Moon Jae-in government, but a dire job market situation, coupled with controversy over the effects of a raft of new economic policies, is posing daunting challenges for the liberal government that took office a year ago.South Korea's economic growth accelerated last year on the back of robust exports amid a global economic recovery. The nation's economy expanded 3.1 percent in 2017 from a year ago, when it grew 2.8 perce
May 9, 2018
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Moon failing to deliver on economic promises
A year into his five-year term, President Moon Jae-in is finding public support for his economic policies far lower than his high approval ratings.A survey of 1,002 Korean adults conducted by Gallup Korea earlier this month showed 83 percent gave a positive appraisal of his overall job performance.But only 47 percent said he was doing well in the economic area, down from 52 percent six months after his inauguration on May 10 last year.What should be taken more seriously by Moon and his economic
May 7, 2018
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S. Korea's risk premium hits yearly low on eased N. Korea woes
South Korea's credit default risk has hit a yearly low amid rising hope for reconciliation between the two Koreas after Seoul and Pyongyang successfully held a summit last month, data showed Satuday. The credit default swap premium for South Korean foreign exchange stabilization bonds with a five-year maturity reached 42 basis points as of Friday, according to the data by the Korea Center for International Finance.It is the first time the figure has reached 42 basis points since Jan. 11, wh
May 5, 2018
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Korean president calls for enhanced cooperation with Saudi Arabia
South Korean President Moon Jae-in called for joint efforts to boost economic cooperation between his country and Saudi Arabia Friday, stressing the need to expand their bilateral cooperation to other areas, including the health and cultural sectors.While meeting with the visiting energy minister of Saudi Arabia, Khalid A. Al-Falih, Moon also sought to promote his country's nuclear energy technology, noting the country has safely built and operated nuclear power plants for over four decades, the
May 4, 2018
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Korea, Saudi Arabia discuss ways to expand energy cooperation
South Korea and Saudi Arabia discussed ways to step up cooperation in the energy sector as Seoul seeks to tender a bid for the Middle Eastern nation's nuclear power project, the industry ministry here said Friday.Paik Un-gyu, South Korean minister of trade, industry and energy, met with Saudi Arabia's Energy Minister Khalid Al Falih in Seoul to explore ways to expand collaboration for "Saudi Vision 2030."Under the economic blueprint, the Middle Eastern kingdom has been pushing to reduc
May 4, 2018
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Seoul, Beijing, Tokyo oppose trade protectionism, hail inter-Korean summit
MANILA -- Finance chiefs from South Korea, China and Japan on Friday warned against growing protectionism trends and stressed the importance of promoting an open and rule-based trade framework."We stressed the importance of resisting all forms of protectionism, ensuring an open and rule-based multilateral trade and investment system, and of strengthening resilience against external shocks, and agree to further enhance communication and coordination among China, Japan and Korea," they s
May 4, 2018
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[Monitor] Growth of household loans hits 5-month high
South Korea‘s personal loans increased by over 1 trillion won ($929 billion) to 99.7 trillion won in April, pushing the overall household loans to grow at the fastest speed in five months in April, data by five major commercial banks showed Thursday.The banks include KB Kookmin, Shinhan, KEB Hana, Woori and NH Nonghyup.It is the first time since November last year for personal loans to increase by over 1 trillion won, a trend attributable to the government’s tougher rules on mortgage
May 3, 2018
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[Monitor] Korea's trade dependence increases for first time in 6 years
South Korea’s reliance on trade climbed in 2017 for the first time in six years, data from the Bank of Korea showed Wednesday.The share of the country‘s trade to its gross national income came to 84 percent last year, up 3.1 percentage points from the previous year. It is the first on-year increase since 2011.The share had remained in the 60 to 70 percent range before jumping to 104.5 percent in 2008 in the wake of the global financial crisis. It further increased to 113.5 percent in
May 3, 2018
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Applicants for 'unemployment credits' jump in Q1
South Korea saw more jobless people seek financial assistance from the state pension fund in the first quarter of this year amid the country's worsening unemployment situation, data showed Thursday.According to the data from the National Pension Service, 129,000 unemployed people applied for the so-called unemployment credits in the January-March period, up 12 percent from the same period a year earlier.Unemployment credits are the pension operator's financial support for those who receive unemp
May 3, 2018
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Hyundai Mobis to retire $600b of treasury stocks
Hyundai Mobis, the auto parts maker affiliate of Hyundai Motor Group, said Wednesday that it will retire treasury stocks worth 587.5 billion won ($546 million) over the next three years as part of its plan to enhance shareholder value.In a special directorate meeting, the company said that it would retire its current 1.61 million treasury stocks, worth around 40 million won, officials said.The company currently holds 2.04 million stocks, which are to be converted into 1.61 million units after a
May 2, 2018
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BOK chief to attend meeting of Southeast Asian central bank governors
South Korea's central bank chief will attend a meeting with his counterparts from countries of Southeast and Northeast Asia later this week, the Bank of Korea said Wednesday.BOK Gov. Lee Ju-yeol will attend the 21st meeting of the Association of Southeast Asian Nations Plus Three finance ministers and central bank governors to be held in Manila on Friday, according to the BOK.ASEAN Plus Three is a forum aimed at enhancing cooperation between ASEAN and the three East Asian countries of South Kore
May 2, 2018
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S. Korea's consumer prices rise 1.6% in April
SEJONG -- South Korea's consumer prices increased more than 1 percent in April on a rise in prices of agricultural and industrial goods, government data showed Wednesday.The country's consumer price index climbed 1.6 percent last month from a year earlier, accelerating from the previous month's 1.3 percent on-year gain, according to the data compiled by Statistics Korea.The April figure is well below the Bank of Korea's target of 2 percent for the year, stoking speculation that the central bank'
May 2, 2018
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US to levy antidumping duties on S. Korean carbon, alloy steel wire rod
WASHINGTON -- The United States will levy antidumping duties on imports of South Korean carbon and alloy steel wire rod due to their harmful effect on the domestic industry, a US trade panel said Tuesday.The US International Trade Commission said it had determined that a domestic industry was being "materially injured" by imports of carbon and certain alloy steel wire rod from South Korea, Italy, Spain, Turkey and Britain.The Commerce Department determined in March that the five countr
May 2, 2018
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US formally exempts S. Korea from steel tariffs
WASHINGTON -- The United States on Monday formally exempted South Korea from steep tariffs on steel imports, saying the move was in line with national security interests.US President Donald Trump earlier announced a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports from all countries in principle, citing the need to protect the nation from what his administration called a threat to national security."Today, President Donald J. Trump issued two proclamation
May 1, 2018
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Infrastructure budget cuts raise concerns
With a thaw in inter-Korean relations raising expectations for possible infrastructure projects in the North, concerns are growing over decreasing budgets set aside to build and refurbish social overhead capital in the South.It is still too early to discuss economic cooperation with North Korea as there remain many hurdles to its denuclearization that would be rewarded with the lifting of international sanctions on the impoverished regime. If the North would eventually take steps to scrap its nu
April 30, 2018
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Work hour reduction comes with both expectations, concerns by economic actors
SEJONG -- Reductions in legal work hours to go into effect from July 1 are raising expectations for better quality of life outside of the office in a country where people put in some of the longest work hours in the world, but they are also fueling worries about lost jobs and wages, economic observers said Monday.Laws were revised to set legal working hours at 52 per week, down from 68. The new regulations will be applied first at work sites with 300 employees or more.South Korea has long been k
April 30, 2018
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Korea's industrial output dips 2.5% in March
South Korea's industrial output fell in March from a month earlier on a dip in production in the automaking and machinery sectors, government data showed Monday.Production in the mining, manufacturing, gas and electricity industries fell 2.5 percent on-month in March, following an adjusted 0.8 percent on-month gain in the previous month, according to the data by Statistics Korea.From a year earlier, industrial output plunged 4.3 percent, following a 6.8 percent on-year fall in February.Productio
April 30, 2018
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Peace mood to have limited impact on Korean market: report
Ongoing peace gestures involving North Korea could have positive impacts on South Korea's equity markets, though global woes would limit their upward momentum, a global investment bank said Friday.Marking the culmination of a series of inter-Korean reconciliation moves in recent months, the historic inter-Korean summit between South Korean President Moon Jae-in and North Korean leader Kim Jong-un is now underway at the border truce village of Panmunjom. "It seems markets are beginning
April 27, 2018